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A Surging Rupee Tripled Gold’s Global Loss in India as Silver Broke Down
Macro Snapshot: The Reserve Bank of India changed the domestic arithmetic before trading opened on 12 October. On 10 October it announced a special window to meet the entire daily dollar requirement of Indian Oil, Bharat Petroleum and Hindustan Petroleum directly from its reserves, taking a large block of import demand out of the spot market. The central bank also tightened rupee derivative rules, imposing a 20% Foreign Exchange Risk Reserve on eligible contracts above $2 million and barring the
A Surging Rupee Tripled Gold’s Global Loss in India as Silver Broke Down
Macro Snapshot: The Reserve Bank of India changed the domestic arithmetic before trading opened on 12 October. On 10 October it announced a special window to meet the entire daily dollar requirement of Indian Oil, Bharat Petroleum and Hindustan Petroleum directly from its reserves, taking a large block of import demand out of the spot market. The central bank also tightened rupee derivative rules, imposing a 20% Foreign Exchange Risk Reserve on eligible contracts above $2 million and barring the
Top News
Global Diamond Jewellery Demand +3% in '14
Gaborone: According to De Beers’ latest Diamond Insight March 2015, released on Thursday, global demand for diamond jewellery grew by 3% in 2014, touching “a new $81 billion high”. This was as against global sales worth US$ 79 achieved in 2013. “The data showed that there was positive growth in consumer demand for diamond jewellery in local currency terms in
ABN AMRO Bank NV to Re-Enter India
Mumbai: European entity ABN AMRO Bank has applied to the Reserve Bank of India (RBI) for setting up operations in India, primarily for financing the gems and jewellery sector. The regulator has given it an ‘in-principle’ nod to establish a wholly-owned subsidiary in India, reports Business Standard. Globally, ABN AMRO offers financial services to the diamond and jewellery sector through
De Beers to Upgrade Diamondview
Basel: De Beers said that its International Institute of Diamond Grading & Research (IIDGR) will this week reveal details of an upgraded DiamondView at the Gemological Institute of America (GIA) GemFest in Basel. The instrument generates a surface fluorescence image on any stone being tested, providing information on growth history from which synthetics can be identified, it said in a
RBI Further Restricts Gold Imports
Mumbai: The Reserve Bank of India (RBI) on Tuesday instructed the banks not to sell gold imported on consignment basis to jewellers on outright basis. The clarification is expected to tighten gold imports. The RBI allowed banks to import gold on consignment basis and also allowed them to provide gold metal loans to jewellers. However, banks were found importing gold
Zac Posen & Fabrikant-Tara Int'l Sign Partnership
Mumbai: Zac Posen, luxury apparel and accessories brand, and Fabrikant-Tara International, luxury diamond and gemstone wholesale company have announced their partnership to create a new collection of handcrafted fine Jewellery. The collection, scheduled to launch in Fall 2014, will be infused with the signature Zac Posen modern American glamour and detailed craftsmanship that the brand embodies. The collection will focus
Rio Tinto’s Red & Pink Diamonds Tender in HK
Hong Kong: Rio Tinto’s iconic annual Argyle Pink Diamonds Tender, comprising the best of a year’s production of extremely rare red and pink diamonds, is being hosted in Hong Kong during the final leg of a global showcase tour. Almost the entire world supply of rare pink diamonds comes from Rio Tinto’s Argyle diamond mine in the remote east Kimberley
De Beers Diamond Jewellers to Begin Campaign
Gaborone: De Beers Diamond Jewellers’ new brand advertising campaign will launch in October 2014. The campaign is a key milestone for the jeweler, which epitomizes natural beauty and brings to life the power and grace of the brand. The campaign features Andreea Diaconu, who was chosen for her natural beauty and elegant charm. Diaconu was photographed for the campaign by
Petra Diamonds 14 Output Crosses Expectations
Johannesburg: Petra Diamonds, which has operations in South Africa and Tanzania, lifted its full-year production by 17 percent to 3.1 million carats in the fiscal year ended 30 June 2014. This was slightly ahead of market expectations of 3 million carats, the company said in a statement emailed to Rough & Polished. Petra said it was on track to mine
